Indian GDP growth slows in 3rd Quarter 2022

Tags: Economy/Finance

The National Statistics Office (NSO) has released its second advance estimates for the financial year 2021-22 on 28 February 2022.

Major Highlights of the report 

• The Indian Gross Domestic Product (GDP) grew by 5.4 % in the third quarter (October 2021 to December 2021).  This is the slowest growth in a quarter in the current Financial year of 2021-22. 

• In the first quarter(April-June ) the GDP grew by 20.3%and in the second quarter (July-September ) it grew by 8.5%

• The GDP at constant (2011-12) prices in the third quarter  of 2021-22 was  estimated at Rs 38.22 trillion as against Rs 36.26 trillion in the third quarter of 2020-21, showing a growth of 5.4 per cent.

• The Indian economy's growth rate of 5.4 % in the 3rd quarter  makes it the fastest growing major economy in the world ahead of China which grew by 4% in the same time period .

• The growth in GDP during 2021-22 is estimated at 8.9 percent as against a contraction of 6.6 per cent in 2020-21. 

• The growth rate is lower than the Budget estimates which projected a growth rate of 9.2% for 2021-22.

• RBI in its latest Monetary policy has estimated a growth rate of 9.2 % for the Indian economy in 2021-22.

• The GDP stood at Rs 38,22,159 crore in October-December 2021-22, higher than the Rs 36,22,220 crore in the corresponding period of the 2020-21.

Sector  wise growth 

• According to NSO data, Gross Value Added (GVA) growth in the manufacturing sector growth remained almost flat at 0.2 per cent in the third quarter of 2021-22, compared to a growth 8.4 per cent a year ago.

• Farm sector GVA growth was slow at 2.6 per cent in the third quarter compared to 4.1 per cent growth a year ago.

• Construction sector GVA declined by 2.8 per cent as against a growth of 6.6 per cent a year ago.

• Mining sector grew by 8.8 per cent, as against a contraction of 5.3 per cent.

• Electricity, gas, water supply and other utility services segment posted a growth of 3.7 per cent in the third quarter of this fiscal against 1.5 per cent expansion a year ago.

• Similarly, trade, hotel, transport, communication and services related to broadcasting grew by 6.1 per cent compared to 10.1 per cent contraction a year ago.

• Financial, real estate and professional services growth stood at 4.6 percent in the third quarter compared to  a growth of 10.3 percent last year.

• Public administration, defence and other services grew at 16.8 percent during the quarter under review compared to 2.9 percent contraction a year earlier.

Central Statistical Office (CSO)

It is part of the National Statistical Office which comes under the Union Ministry of Statistics and Programme Implementation.

It was earlier called the Central Statistical Organisation.  

CSO collects and releases data regarding :

• National Income ;

• Annual Survey of Industries ;

•  Economic Censuses;

• Consumer Price Indices for Urban Non-Manual Employees;

• Index of Industrial Production 

CSO Headquarters : New Delhi